BNC Mortgage Says It Faces Two Suits Over Proposed Sale

BNC Mortgage Inc., an Irvine residential lender, said Friday that two class-action lawsuits have been filed against it over the proposed $47-million sale of the company to a group consisting of managers and an investment company. Both suits, one in Orange County Superior Court and the other in a Delaware Chancery Court, were filed by stockholders who allege the company breached its fiduciary duties. The company said it and other defendants deny the allegations. Directors also are considering an $51.7-million offer made Feb. 18 by Greenlight Capital LLC, a New York investment management company. Greenlight said in announcing its $11-a-share bid that the pending offer of $10 a share is inadequate.